Latest News
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MP Materials beats expectations with sales growth and US price support
MP Materials, a rare?earths manufacturer, reported on Thursday?second quarter results that 'beat analysts' expectations because of rising sales and the price support agreement it has with the U.S. Government. In after-hours trading, the company's stock rose 2.2% to reach $48.52. Rare earths is a grouping of 17 metals which are used to produce magnets, which turn energy into motion. Washington's deal with MP in July 2025 was designed to loosen China’s grip on these materials which are used for weapons, electric cars and many electronics. MP Materials owns the only rare earths mining operation in North America, and it processes these 'critical minerals' in California. The company also built a magnetic facility in Texas. The company's net loss for the quarter ending June 30 was $20.3 million or 11 cents per share. This compares to a loss of $30.9million or 19cents per share in the previous quarter. Aside from startup costs and one-time items MP was even for the third quarter. According to IBES data provided by LSEG, analysts had expected a loss per share of a penny. The U.S. Government paid $17,6 million in price protection to boost the results. Since last year, the company has received $100.9 million. Last year, MP stopped delivering rare?earths for processing to China. This halted a major source?of?revenue. It has been?boosting processing in California, and its quarterly revenue from this processing nearly quadrupled up to $94.4 millions. MP Materials is bringing its Texas magnet plant online. The?company reported $16.5 million of magnetics revenue during the quarter and $7.5 millions in adjusted magnetics profits. The company reported that it had signed an agreement during the quarter for the supply of gadolinium - 'one of the rare earths' - to an unnamed U.S. customer. In June, President Donald Trump reported capital gains ranging from $100,001 up to $1,000,000 on investments made in MP Materials shares last year. (Reporting and editing by Stephen Coates; Ernest Scheyder)
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Trump announces trade measures to protect solar and semiconductor materials
The White House on Thursday set a series a price 'floors' and a?tariff of 15% on products made from polysilicon. This raw material is used to make semiconductors and solar panel. The U.S. president Donald?Trump issued a proclamation pursuant to Section 232 of Trade Expansion Act of 1961 in order to protect domestic polysilicon manufacturers from Chinese 'competition. Polysilicon is an ultra-pure silicon that sits at?the start of the semiconductor and solar manufacturing supply chain. Solar panels are made by assembling solar cells, which are manufactured from silicon wafers. The White House announced that the trade protections would take effect on 4 December. In a White House report, the President set import prices at $21 per kilogram of?polysilicon and $100 per kilogram of polysilicon wafers and ingots. He also set a $0.22 per watt price for solar cells, and $0.38 for solar panels or modules. The Commerce Department is authorized to create a program of incentives for companies who invest in factories that produce polysilicon and derivative products. First reported by was the administration's intention to implement a hybrid system that combines a minimum import price and tariffs.
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Trump administration blocks tungsten and battery waste exports in order to boost US mineral supply
The U.S. Commerce Department announced on Thursday that it would block the?exports?of tungsten and battery scrap, as part of an effort to boost domestic recycling and vital mineral production. This move was anticipated after President Donald Trump signed an executive order last week giving federal officials the authority to limit the shipment of scrap that contains valuable critical minerals overseas to China and other nations. The order bans the exportation of so-called 'black?mass', which is basically shredded lithium-ion battery scrap, and scrap containing Tungsten, a metal that is used to harden steel, but also widely used in?defense? applications. This is part of a larger U.S. effort to reduce its reliance on China. China dominates the global processing and production of minerals that are used in everything from EV battery systems to weapons systems. Washington has used export controls and tariffs to try to rebuild the U.S. Supply Chain, as tensions between Washington and Beijing have escalated over access to minerals. The Federal Register order will take effect on August 27 and last for one year, according to the Bureau of Industry and Security of the Commerce Department. Zubeyde Oysul is a policy manager for critical minerals at SAFE in Washington. She said, "It's wonderful to see that the administration has recognized the importance of recycling recoverable materials from scrap." According to the order, waivers may only be granted on a case by case basis if companies are able to show "undue harm" or "irreparable hardship." According to Basel Action Network, the U.S. exports 33,000 metric tonnes of electronic scrap and other scrap per month, with many of them containing valuable minerals that can easily be recycled. The U.S. Recycling Industry has long been irked by these exports. They have said that Washington could better meet its mineral?production if the material was kept in the country. The United States still does not have the capacity to recycle the entire amount of scrap that it produces. Several other recyclers also experienced economic difficulties in the last 18 months. These include Li-Cycle, Ascend?Elements and others. Amermin is a privately-held tungsten recycling company. It praised the move on Thursday, but stated that more needs to be done to improve the country's ability to deal with scrap. Amermin CEO Ryan McAdams said, "This ban is just a band-aid." It will buy us some?time but we need to build up our?infrastructure in the United States. Amermin received a $11.5 million Energy Department grant last year but has yet to receive the funds. McAdams stated that the company's commercial recycler would have opened six months earlier if they had received these funds. (Reporting and editing by Sanjeev Mglani; Ernest Scheyder)
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Airbnb reports higher revenue for the quarter on World Cup and global travel demand
Airbnb, a vacation rental company, posted an increase in revenue for the second quarter 'on Thursday. This was due to a strong global travel demand and the influx of first-time users during the FIFA World Cup 'hosted by the U.S.A., Canada, and Mexico. The FIFA World Cup, which just ended, has been a boon to travel companies. Airbnb reported that North American bookings for the second quarter saw the largest growth in nearly three years. The shares of the San Francisco-based firm rose by 11.58% during extended trading. Globally, the number of nights and seats booked - a metric which includes both service bookings and room reservations - rose by 10% in the last quarter to $148.3million. Bookings in North America, where over 40% of revenue is expected to come from by 2025, rose "high single digits"?percentage. The industry has been able to offset some of the pressure caused by the 'Iran War,' which has hurt long-haul travel due to flight rerouting and increased jet fuel prices. Airbnb has noted a steady improvement in demand trends for its services throughout the Middle East. Since May last year, the company's platform has expanded to include private chefs, car rentals and thousands of boutique hotels, indicating a continued expansion beyond its initial rental focus. Analysts and investors have been closely watching its expansion efforts as it moves towards a more traditional online travel agency. This could potentially put it in competition with industry heavyweights such as Booking, Expedia, and TripAdvisor. Airbnb's hotel bookings grew three times faster than home bookings, but they still represent a one-tenth of the total nights booked. The company anticipates that revenue will increase "at least by mid teens" in 2026, compared to the range of "low-to-mid teens". It reported earnings per share of $1.37, compared to $1.03 for the quarter ended June 30. Revenues for the quarter were $3.61 billion. This is up from $3.1billion a year ago. Reporting by Aishwarya Jain from Bengaluru, and Doyinsola Oladipo from New York. Editing by Shilpa Majumdar.
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Oil prices rise as gold trades flat, despite Iran's proposal to ban 'hostile vessels' in Hormuz
Gold prices remained steady Thursday, as oil prices rose after reports that Iran was reviewing restrictions on "hostile vessels" in the Strait of Hormuz. This sparked inflation fears and rate hike expectations. Gold spot was unchanged at $4,244.29 an ounce as of 2:50 pm EDT (1850 GMT), having reached its highest level since the 18th of June earlier in session. The yellow metal gained over 4% in one day, the largest gain since February. U.S. Gold futures settled at $4,299.60, a 0.1% decrease. A committee of the Iranian parliament is reviewing a draft bill which would prohibit U.S. and Israeli vessels, as well as other "hostile" vessels, from crossing the Strait of Hormuz. This was reported by Iran's semiofficial Fars News Agency, citing an Iranian lawmaker. On the news, oil prices rose by more than $3 per barrel. Jim Wyckoff is a market analyst for American Gold Exchange. He said that the draft Iranian bill "has an impact because of increased inflation" if crude oil prices rise again. As manufacturers pass on costs to consumers, higher energy prices can lead to inflation. This encourages central banks to maintain a policy of raising interest rates for longer to combat the price pressures. Gold and the Friday's U.S. jobs data will be influenced by what the Federal Reserve says about interest rates. Bob Haberkorn is a senior market analyst at StoneX. He believes that the central bank's interest rate announcements will be influenced by Friday's jobs data. According to the CME FedWatch Tool, traders are pricing in an?about 57% chance that the central bank will raise rates at its?September meeting and?an 80% chance of one in December. Gold becomes less appealing to investors when interest rates rise. Haberkorn stated that "a lot of money which was sitting on the sidelines began coming back to gold yesterday, with certain technical levels being broken." Bullion was still around 24% lower than the record high of $5594.82/oz that was reached in late January. Silver spot fell by 0.9%, to $61.54 an ounce. Palladium increased 0.6%, to $1371.48, while platinum fell 0.6%, to $1724.64. (Reporting and editing by Leroy Leo and Joyjeet Das in Bengaluru, and Sukanya Mittra and Swati Verma in Bengaluru)
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Virginia Governor says she will intervene in Dominion NextEra merger
Virginia Governor Abigail "Spanberger" said Thursday that she will intervene in the regulatory review of NextEra Energy’s proposed $66.8 billion merger with Dominion Energy to press for "commitments" on electric bill affordability, jobs protection and clean energy investments. The Governor said that she would become a formal party in the case before Virginia State Corporation Commission. This would give her access to all filings, and allow her to ask questions and voice concerns about the transaction. They're not enough?yet. That's one of the main reasons I chose to intervene in the case. "I need more information." In May, the companies announced their plan to merge in order to create one of the largest electric utilities in the world. This was done during the expansion of data centers that consume a lot energy. "The act of formally intervening is unprecedented." Spanberger acknowledged that as a governor. He added that the size and scope of the merger application is also unprecedented. The deal is still pending approval and will create the third largest U.S. Energy Company, behind Exxon and Chevron. Its enterprise value will be higher than that of the next two biggest U.S. Power companies combined. Spanberger stated that she did not want to?take away the decision from regulators, noting 'that the decision to approve or...deny... that authority still rests with the SCC. The governor?also?said she has the "ability to pursue legal action" once a decision is made. (Reporting and editing by Maju Samuel, Shreya Biwas and Katha Kalia in Bengaluru)
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Puerto Rico will begin water rationing in response to the intense drought
Authorities said that Puerto Rico would begin a rotating program of water rationing on 'Friday, across the entire island, as a response to an intense 'drought. The plan will force tens and thousands of people to go without water for a period up to 48 hours. According to information posted on the Aqueduct and Sewer Authority's website, the rationing is expected to last until the end of August. At a late-night press conference on Wednesday, Puerto Rico Governor Jenniffer González said that she did not know the length of time rationing would be necessary. Gonzalez stated in a Wednesday morning press release that "this situation is beyond our control." It is the result of climate conditions we have been experiencing. According to the National Weather Service, San Juan in Puerto Rico, had its driest month on record. According to the U.S. Drought Monitor, nearly 68% of Puerto Rico is in drought conditions. There is little relief in sight. According to the National Oceanic and Atmospheric Administration, the chances of Puerto Rico experiencing below-normal rain and above-normal temperatures from August through October are greater than 70%. This is because a stronger El Nino pattern will suppress the tropical waves which bring late summer rains. According to the government, rationing will be implemented in seven?municipalities including San Juan during the current phase. All of these areas are?served? by the Carraizo Reservoir, which is reportedly at critical?levels. The affected areas have been divided into two zones, which will alternate between service and no service every 48 hours. As a precaution, the Puerto Rico 'Aqueduct and Sewer Authority' said that it would send water trucks to affected communities. Priority will be given to hospitals and care facilities. Residents are urged to boil their water for at least three full minutes once service is restored. The company also asked its customers to avoid unnecessary water use, such as washing their cars or watering their lawns. (Reporting and editing by Paul Simao in Colorado, Brad Brooks reported from Colorado)
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Wildfire prompts evacuation alert in metro Vancouver
As blazes continued to spread in Western Canada due to the dry and hot weather, a wildfire caused an evacuation warning on Wednesday. Anmore's acting mayor Doug Richardson told residents that he and his small team would do their best to keep them informed. Doug Richardson, acting mayor of Anmore, told residents that "we are a small team but will do our best to update our?residents". Metro Vancouver reported that the fire is nearly contained in the region of 'Belcarra Park,' located near Sugar Mountain Trail. It is estimated to be about 1.5 hectares. At this time, it is not anticipated that the fire will spread beyond the current containment line. Metro Vancouver stated that crews would remain on site throughout the day in order to "extinguish any hotspots" and secure the fire. The Canadian Interagency Forest Fire Centre (CIFFC), which coordinates wildland fire resources from around the world, reported that it has 40 New Zealanders and Australians and 100 Mexicans in BC. A spokesperson stated that around?200 Mexicans will be mobilized within the next few weeks in BC. The BC Wildfire Service said that hot and dry weather is expected to prevail in British Columbia. This will increase the risk of fires. The agency stated that these conditions, combined with light winds, could allow smoke to linger and become more visible in the southern part of the province. Over 4,500 fires have been started in Canada this summer, which is home to some of the densest forest on earth. The fires have burned 3.9 million acres. As of Wednesday, firefighters in BC, Ontario, and other provinces were battling 129 wildfires that had gotten out of control.
Airbnb reports higher revenue for the quarter on World Cup and global travel demand
Airbnb, a vacation rental company, posted an increase in revenue for the second quarter on Thursday. This was largely due to a strong global travel demand and the first-time use of the service during the FIFA World Cup, which took place mainly in the United States, Canada, and Mexico.
The FIFA World Cup, which just ended, has been a boon to travel companies. Airbnb reported that North American bookings for the second quarter saw the largest growth in nearly three years.
The number of nights and seats booked globally, which includes both service and room bookings, increased by 10% to $148.3 millions in the third quarter. Bookings in North America, where over 40% of its revenue will come from by 2025, rose "high single digits" per cent.
The industry has been able to offset some of the pressure caused by the 'Iran war', which has affected long-haul travel due to flight re-routing and increased jet fuel costs. Airbnb has noted a steady improvement in demand trends for its services throughout the Middle East.
Since May last year, the company's platform has expanded to include private chefs, car rentals and thousands of boutique hotel, indicating a continued shift beyond its original "rental" focus.
Analysts and investors have been closely watching its expansion efforts as it moves towards a more traditional online travel agency, potentially putting them in competition with giants like Booking, 'Expedia, and 'TripAdvisor.
Airbnb said that the number of hotel nights it booked increased nearly three times as fast as home nights, but they still only represent a single-digit percentage.
The San Francisco-based company expects revenue in 2026 to increase "at least by mid teens", as opposed to a range between "low to middle teens" that was forecast earlier.
It reported earnings per share of $1.37, compared to $1.03 for the same quarter last year.
Revenues for the quarter were $3.61 billion. This is up from $3.1billion a year ago. Reporting by Aishwarya Jain from Bengaluru, and Doyinsola Oladipo from New York. Editing by Shilpa Majumdar.
(source: Reuters)